Final Expense Insurance GET QUOTES
Instant Final Expense Quotes
  • Male Female
    Yes No
All rates are subject to underwriting approval. By pressing the "Get Quotes Now" button, you agree to Choice Mutual's privacy policy, and consent to a licensed agent of Choice Mutual to contact you at the phone number(s) you provide. We will not share your information with another entity.

The Ultimate Guide To Final Expense Insurance Plans | Quotes, Policy Details & Reviews

Written by Anthony Martin | Last updated: June 16, 2019

Final Expense Insurance

Final expense insurance is an affordable easy to qualify for whole life insurance policy to ensure your family is not burdened by your end of life costs.

It’s also commonly referred to as funeral or burial insurance.

In this article, we’ll explain how these policies work, show you the top companies, give you quotes, and much more.

Article Quick Navigation Links

  1. How They Work
  2. Best Companies
  3. Final Expense Quotes
  4. Waiting Periods
  5. How To Qualify
  6. Tips To Find The Best Policy
  7. How Final Expense Is Special
  8. The 5 Kinds
  9. Should I Buy It?
  10. FAQ’s


What Is Final Expense Insurance?

Final expense life insurance is a life insurance policy whereby the proceeds are meant to pay for end of life costs such as funeral and other burial expenses. Those who purchase such a policy do so Final Expense Insuranceto ensure their loved ones are not saddled with the burden of unpaid final expenses.

A final expense policy is always a whole life insurance plan.

  • Monthly premiums are guaranteed to never increase
  • Coverage cannot decrease
  • Policy will never expire at any age
  • Non-cancellable except for non-payment
  • No medical exams required to apply
  • Builds cash value over time

Final expense plans for seniors were designed to ensure seniors who may not be in good health can still get the coverage they need to protect their loved ones from the high cost of funerals.


Here’s what happens when an insured passes away

Upon the passing of the insured, the insurance company will cut a tax-free check to whoever is the beneficiary(s). This will give them the necessary funds to pay for end of life bills.

There are never any restrictions in regard to how the money is used. Technically, the beneficiary(s) could take the money to Las Vegas and spend it all. Obviously, no respectable family member would do that, but you get our point.

As you can see, the money can also be used for:

  • Medical bills
  • Debts
  • Leave money to family or a charity

The greatest part about there being no restrictions on how the money is used is that any leftover money (which there very often is) stays with your loved ones to enrich their lives.

You can expect to receive payment very fast by the way. If you’re looking to buy life insurance on your mom or dad, you can expect a check rather quickly.

Most insurance for death expenses companies aim to have a check cut within 24-72 hours once they receive the required paperwork for non-contestable claims.


Final Expense Has Three Other Popular Names

Final expense insurance has three very common synonyms.

Final Expense Insurance

The terms “end of life insurance”, “burial insurance” and “funeral insurance” are also used interchangeably with final expense life insurance. All these terms mean the exact same thing.

There is absolutely no difference whatsoever.

Different companies and websites will use these labels in their own way. Just know that regardless of which term is being used it all means the same thing.

It’s just like the words “soda” and “pop”. They both refer to the same thing.


12 Of The Best Final Expense Insurance Companies In The Nation

Below is a list of 12 of the best last expenses insurance companies in the USA. We chose these carriers because they all offer great value in terms of price, underwriting, or both.

At the end of the day, your best burial insurance company will likely be with one of these 12. There’s no way to say for sure which one you should go with because that all depends on your health.

One of our agents will be able to quickly diagnose which final expense whole life insurance company is best for you.

These companies appear in no particular order.



#1 Mutual of OmahaFinal Expense Insurance

  • First Year In Business: 1909
  • Age Availability: 45-85
  • Face Amount Range: $2,000-$40,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except NY
  • Optional Riders: Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Mutual Of Omaha Prices

45 $22.61 $25.45 $42.01 $47.69
50 $24.67 $29.16 $46.14 $55.11
55 $28.40 $35.09 $53.60 $66.98
60 $32.87 $42.76 $62.53 $82.31
65 $41.01 $55.76 $78.82 $108.31
70 $53.24 $73.70 $103.28 $144.20
75 $72.41 $99.53 $141.62 $195.85
80 $98.43 $132.65 $193.66 $262.11
85 $135.90 $183.15 $268.60 $363.10



#2 AmericoFinal Expense Insurance

  • First Year In Business: 1909
  • Age Availability: 50-85
  • Face Amount Range: $2,000-$30,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except CA, MN, NY, PA
  • Optional Riders: Children Term | Grandchild Term
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Americo Prices




#3 AIGFinal Expense Insurance

  • First Year In Business: 1919
  • Age Availability: 50-85
  • Face Amount Range: $5,000-$25,000
  • 2 Year Waiting Period: Yes
  • State Availability: All States Except ME, NY, & PA
  • Optional Riders: None (2 free riders are included)
  • How To Apply: Through agencies such as Choice Mutual or direct from AIG (no price difference)

AIG Prices




#4 Royal Neighbors Of AmericaFinal Expense Insurance

  • First Year In Business: 1895
  • Age Availability: 50-85
  • Face Amount Range: $5,000-$25,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except AK, AL, HA, LA, MA, NH, NY
  • Optional Riders: None
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Royal Neighbors Prices




#5 Prosperity Life Group Final Expense Insurance

  • First Year In Business: 1972
  • Age Availability: 50-80
  • Face Amount Range: $1,500-$35,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All states except CT, DE, DC, HI, MT, ND, & SD
  • Optional Riders: None
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Prosperity Prices




#6 TransamericaFinal Expense Insurance

  • First Year In Business: 1904
  • Age Availability: 45-85
  • Face Amount Range: $1,000-$50,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All 50 States
  • Optional Riders: Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Transamerica Prices




#7 Liberty Bankers LifeFinal Expense Insurance

  • First Year In Business: 1958
  • Age Availability: 18-80
  • Face Amount Range: $3,000-$30,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except CT, MA, MN, NH, NY, RI
  • Optional Riders: Accidental Death & Dismemberment | Children Term | Grandchildren Term
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Liberty Bankers Life Prices

65$42.81 $55.94$80.99$107.26
70$54.79 $73.31$104.95$141.99



#8 American AmicableFinal Expense Insurance

  • First Year In Business: 1910
  • Age Availability: 50-85
  • Face Amount Range: $2,500-$35,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except CT, ME, MT, NH, NY, VT
  • Optional Riders: Grandchildren Term | Children Term | Nursing Home Waiver | Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

American Amicable Prices




#9 Baltimore LifeFinal Expense Insurance

  • First Year In Business: 1882
  • Age Availability: 50-80
  • Face Amount Range: $2,500-$25,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except MA, MN, MO, NY, NC, SC, WA, WV
  • Optional Riders: Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Baltimore Life Prices




#10 Sentinel Security LifeFinal Expense Insurance

  • First Year In Business: 1948
  • Age Availability: 0-85
  • Face Amount Range: $1,000-$35,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except AL, CT, MA, ME, MI, MO, NH, NJ, NY, OH, SC, TN, VA, VT, WI, WV
  • Optional Riders: Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Sentinel Security Life Prices




#11 Foresters FinancialFinal Expense Insurance

  • First Year In Business: 1874
  • Age Availability: 50-85
  • Face Amount Range: $2,000-$35,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All 50 States
  • Optional Riders: Accidental Death
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Foresters Financial Prices




#12 AetnaFinal Expense Insurance

  • First Year In Business: 1853
  • Age Availability: 45-89
  • Face Amount Range: $3,000-$35,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • State Availability: All States Except CA, MD, NY, & VT
  • Optional Riders: None
  • How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.

Aetna Prices



Final Expense Insurance Rates

How much does final expense insurance cost?

Below you will see real burial life insurance quotes from the top companies in the nation.

These quotes are for someone who is a non-smoker. If you have smoked cigarettes in the last 12 months, expect to pay at least 20% more.

Finally, your health will determine which companies you qualify with and the final rate.

45$22.61 $25.45$42.01$47.69
46 $23.02 $26.17$42.84$49.15
47$23.55 $27.02$43.89$50.84
48$24.18 $27.96$45.16$52.72
49$24.48 $28.52$45.76$53.85


The Inside Scoop On Waiting Periods

By far the most common question we are asked is…”Will there be a waiting period?

So lets set the record straight on this issue…

Whether or not you will have a waiting period depends entirely on your health.

There are dozens of final expense companies that have plans without a waiting period, but qualification is based on health.

Final Expense Insurance

Make no mistake, final expense insurance policies have very lenient underwriting which means most applicants (not all) can secure a policy without a waiting period despite having some fairly serious health problems. However, there are absolutely some health issues whereby a full or partial waiting period is unavoidable.

Below you will see two subsets of health conditions where a person would have to endure a full or partial waiting period.

Very Important: Any health issue not listed in the two sections below is eligible for a policy without a waiting period depending on your age and state of residence.


Health Issues Where You Cannot Avoid A Full Waiting Period

If you have any of these health issues, you cannot escape a full 2-3 year waiting period with any company.Final Expense Insurance

  • Chest pains (also known as Angina) within the last 12 months
  • HIV or AIDS
  • Currently in any kind of hospital, nursing home, hospice care, or any nursing facility
  • Full blown stroke (TIA mini strokes don’t count) within the last 12 months
  • Dialysis
  • Terminal illness
  • Alzheimer’s or dementia or taken any drugs (even one time) ever for memory issues
  • Wheelchair bound due to a chronic illness or disease
  • Currently have cancer
  • Had or been recommended to have an organ transplant (other than corneal)
  • Oxygen to assist with breathing (sleep apnea at night does not apply)


Health Issues Where The Best Case Scenario Is A Partial Waiting Period

Just to be clear, a partial waiting period is a plan whereby the insurance company would payout a portion of your death benefit if you passed during the first two years.Final Expense Insurance

These kinds of plans are usually called a Graded Death Benefit. Most companies will payout 25%-40% if death occurs during the first year. During the second year, they will payout 70%-75% of the death benefit.

If you have any of the below health issues, a partial waiting period is the best you can do.

  • Cancer within the last 24 months and you don’t have cancer now
  • Treatment for drug or alcohol abuse within the last 24 months
  • Amputation due to diabetes
  • Congestive heart failure
  • A heart or circulatory surgery within the last 12 months


Combinations Of Health Problems Could Go Either Way

The lists above are accurate. However, you must remember that ALL your health issues will be taken into consideration when you apply for a final expense life insurance policy.

While there are tons of health conditions that are individually eligible for a policy without a waiting period, there are many combinations of those same conditions that are not.

Here’s an example of what we mean.

Hepatitis C is a condition whereby we can get you a plan without a waiting period. Similarly, diabetic neuropathy is also a condition where we can get you an immediate death benefit.

However, there is no carrier that will offer immediate coverage to someone who has Hepatitis C and diabetic neuropathy.

In the end, there are many health issue combinations that turn out this way. We cannot post a list of all the possibilities because it would be a giant list.


How To Qualify

Final expense insurance plans are always underwritten on a simplified basis. Being simplified issue merely means that the insurance company will not require a medical exam or copies of your medical records to process an application

In the end, final expense companies will perform 2-3 actions to determine your eligibility.

  • Health questions
  • Prescription history
  • MIB investigation

Below we’ll explain each of these, so you know what their objectives are.


The Health Questionnaire

Any policy that is not guaranteed issue will have a series of health questions. If you say yes to any health question, it will unequivocally mean that your premiums will rise.Final Expense Insurance

In addition, it could also mean you will have to endure a full or partial waiting period.

Here’s the deal

The health issues a company cares about are only the ones listed on their application. That means if you do not see them ask about a health issue, it means they are okay with it!

For example, let’s say you have multiple sclerosis, and you don’t see that appear in any of the health questions. It means they accept multiple sclerosis, right? Yep, you bet they do!

Ideally, your path to your best policy is to find a company whereby you are able to say no to all their questions.


Prescription History Check

The insurance carrier will analyze your prescription history as a way to validate your health so to speak.Final Expense Insurance

By seeing which medications you are filling, they can pretty much know what sorts of health issues you may or may not have.

If they didn’t do this, they would get defrauded left and right by folks who simply lied on the health questionnaire.

This is important

You won’t need to get a printout from your pharmacy or anything like that. The insurance company will electronically analyze your medications in real time.

It’s actually very similar to how auto insurance companies check your driving record. It’s all electronic and it takes them no time at all.


Your MIB File

MIB stands for Medical Information Bureau. They are an organization that compiles data about people’s health. They get their information from life and disability insurance companies.Final Expense Insurance

Basically, when you apply for insurance, whatever information you reveal is reported to MIB.

For example, let’s say you use oxygen to assist with breathing, and you disclose that on a life insurance application with Company A. If you were to apply with Company B and attempted to withhold that information, it wouldn’t work.

When company B pulls your MIB file, they would see that you disclosed your oxygen use to another company and would respond accordingly.

Ultimately, the majority of final expense carriers do analyze MIB to ensure you are correctly answering the health questions.

Like your prescription history, it’s all electronic and done in real time. There’s nothing that you will need to do.


Application Options

Because there are no exams required, applying for last expense life insurance is very simple.

Every carrier is different in regard to how they accept an application. Having said that, there’s a few different options on the market. All of them are listed below.

Final Expense Insurance

But wait. You might be wondering… Do I have to let an agent come into my house?

No you definitely do not. In this day and age, you can completely buy your policy via one of the methods below without ever having to let a stranger in your home.

Pretty cool right?

  • Voice Signature: In this scenario, the entire application is taken and completed via phone. The insurance company will allow you to sign your application using your voice. In most cases, voice signature companies will render an immediate decision regarding your eligibility in less than 15 minutes.
  • E-Signature Via Website: We have special relationships with some carriers whereby you can log on to our website to sign your application. Basically, your agent gives you an access code so you can view you application and press a button to sign it.
  • Email Signature: With this process, the entire application is filled out with your agent. Then the insurance company will send you an email whereby you can sign it by clicking a few buttons. Some emails signatures will render an immediate decision, and some may take a few days before you receive an approval.
  • Paper Application: Believe it or not, some carriers still require paper forms to be sent out. You sign where necessary and send the papers back for processing. Paper applications can take anywhere from 2 days to 2 weeks before a decision is reached.


How To Find The Best Final Expense Insurance Plan (For YOU)

Finding the best final expense insurance program isn’t rocket science. In reality, it’s quite simple if you just adhere to some basic success principals.

If you follow the advice below, you will surely put yourself in a position to find the lowest cost and most appropriate plan for you and your family.

Final Expense Insurance

Tip #1: Avoid captive insurers

Never ever work with a captive insurance company. A captive insurance company is one where their agents cannot sell insurance for any other company. State Farm and Nationwide are two very common examples of captive insurance companies.

If you speak to a State Farm agent, they can only sell you insurance from State Farm. They have no other options.

No one insurance company can possibly be the best option for everyone. That just isn’t possible when it comes to life insurance. For that reason, you must not limit yourself to one carrier when trying to find final arrangements for insurance.


Tip #2: Shop around

Comparing multiple offers puts the free market to work for you. Ultimately, you want to make sure you get quotes from at least 5 different insurance companies before you decide.

Quick Tip: Some independent agencies you speak with will be able to give you five or more quotes from different insurance companies with just one phone call.


Tip #3: Try to find a plan where you are able to say no to every health question

If you ever say yes to a health question on an application, it will, at a minimum, mean you will pay higher premiums in addition to other potential penalties.

The lowest price from any given last expenses insurance company is going to be achieved by saying no to every health question on their application.


Tip #4: Never buy offers that come via the mail

Any insurance offer that comes through the regular snail mail will always be a guaranteed issue plan. It’s great they have no health questions, but that comes at a cost.Final Expense Insurance

These policies can cost upwards of 300% more, and they ALL come with a 2-3 year waiting period.

This is a terrible deal for most people. It’s true that some folks’ only option is a guaranteed acceptance policy, but that is very rare. Most people can and do qualify for some final funeral expenses coverage that has underwriting.


Tip #5: Work with an independent agency

An independent agency is free to represent as many insurance companies as they want. They are the opposite of a captive insurance carrier.

The reason you want to work with an independent agent is because they can compare offers for you from all the various carriers they represent.

Independent agents aren’t married to any particular company. Their sole goal is to match their clients with whichever company best suits them.

Remember how we said to shop around in tip# 2? Well working with an independent agency is doing just that. Just make sure that whatever agency you work with has at least 10 different carriers to choose from.


Tip #6: Allow Choice Mutual to help you

This is obviously a shameless plug promoting our agency but hear us out. First, we are independent, and we work with over 20 companies.Final Expense Insurance

Not only that, but we only do final expense insurance. When you speak with us, you can trust that you are dealing with true experts. We live, eat and breathe final expense life insurance.

Last but not least, we are friendly and we’re here to help. Seriously, our only job is to help you find which of these companies is best for you. We have no special relationship with any carrier.

One of our expert agents will answer any questions you may have, and they will absolutely help you find the lowest cost policy on the market.

Check out what other customers say about us.

The 3 Main Ways Final Expense Coverage Is Special

There are many types of life insurance out there, and all unique in their own way. Having said that, insurance for death expenses is special due to the amazing benefits they provide.

There are three Final Expense Insurancemain ways that final expense policies are in a league of their own…

  • Ultra lenient underwriting. By far the biggest difference between final expenses life insurance and other more traditional forms of life insurance is the underwriting. These plans were designed to absorb heavy risk. Ultimately, these policies accept some very serious health issues, so that seniors with health problems can still qualify. The sorts of health conditions accepted by a final expense policy would almost surely get you auto declined for other types of life insurance.
  • Guaranteed acceptance coverage available. As mentioned above, final expense has very lax underwriting. Well it doesn’t get laxer than having no underwriting at all which is what a guaranteed acceptance policy is. These plans have no health questions, and you cannot be turned down. For this reason, anyone with any health issue can secure a new policy.
  • Very low face amount options. Many final expense companies will allow you to buy as little as $2,000 in coverage. In the end, you can buy as little or as much as you want. This is an amazing benefit for folks who only wish to buy just what they need. This is especially valuable to folks who want just enough insurance to be cremated. Only via insurance for death expenses can you get face amounts this low. Traditional life insurance plans usually have a minimum face amount of $25,000-$50,000.


The 5 Different Kinds Of End Of Life Insurance Policies

Every final expense company will have different health ratings for their final expense program. The health ratings heavily influence the final cost of the policy and whether or not there is no waiting period, a partial waiting period, or a full 2-3 year waiting period.

Most carriers seem to have three health ratings, but some only have two to choose from. Ultimately, your health will determine which plan you qualify for.

Final Expense Insurance

The key thing to remember is each carrier is unique. They decide what to call their plans, and how they work. For that reason, no two companies are identical.

Having said that, there’s about five options that you will encounter in the final expense whole life market which are all detailed below.

Important Note: Before we jump into this, you must understand something, so you don’t get confused. The words “Level”, “Graded”, “Modified”, “Standard“, and “Preferred” are all non-regulated terms. These terms can technically mean anything any insurance company wants.

You’ll find that these terms can and do mean different things depending on which insurance company you are dealing with. We will explain how all the final expense companies use these words and what they could possibly mean.


1) Level Benefit Plan

A level death benefit is always a plan whereby you qualified for an insurance company’s best health rating. This rating will result in two huge benefits.

  1. You are eligible for the absolute lowest monthly price the company offers.
  2. The policy will come will full immediate coverage. There will be no waiting period.

To qualify for a level benefit final expense plan, you will have to say no to all the health questions on the application (with any company).

Although not common, some of end of life insurance companies will use the word “Preferred” instead of “Level”. Just know that both words refer to the same kind of plan.


2) Graded Benefit Plan

The word “graded” is used to describe one of two kinds of plans. In essence, it’s used to either describe a plan that offers partial coverage during the first two years, or a full waiting period for 2-3 years.

As we mentioned above, this is not an official term, so one company will mean one thing while another means something entirely different.

Regardless of which company you are dealing with, a graded plan is always going to cost more than a level benefit plan because it means you have some health issues they deem higher risk.


Here’s what 90% of final expense companies mean by a graded plan…

A graded plan with the overwhelming majority of final insurance insurance companies is their middle tier option. You can expect the following:

  1. Premiums are anywhere from 30-60% higher.
  2. Partial coverage during the first two years. Most carriers will payout 25%-40% of the death benefit if you were to pass during the first 12 months. Then during months 12-24, they would payout 70%-80% of the death benefit.

It’s important to note that the exact percentage during years 1 and 2 varies by the company.


Here’s what the remaining 10% carriers mean by a graded plan…

Although uncommon, some carriers use the worded graded to describe their highest risk health rating. Those that do, you can expect the following:

  1. Premiums that are anywhere from 50%-120% higher.
  2. A full 2-3 year waiting period. During the waiting period, the insurer will simply refund all premiums plus interest.

The length of the waiting period will vary by company, but generally only lasts two years. It’s quite uncommon to have a three-year waiting period.


3) Modified Benefit Plan

A modified plan is always going to refer to a company’s highest risk health rating they have. You would need to have some sort of serious health issue that caused you to qualify for this plan.

With a modified benefit end of life insurance policy, you can expect the following:

  1. Premiums anywhere from 50%-120% higher.
  2. A full 2-3 year waiting period. During the waiting period, the insurer will simply refund all premiums plus interest.

 The length of the waiting period will vary with each company. Having said that, it’s usually only two years. It’s very uncommon to have a three-year waiting period.


4) Standard Benefit Plan

A standard rating will usually refer to a company’s medium level risk rating. For a company to place you into a standard plan, you would have to say yes to certain health questions on their application.

With a standard benefit final expense policy, you can expect the following:

  1. Premiums that can be as much as 30%-60% higher.
  2. Full coverage from day one. There’s no waiting period with a standard plan.


5) Guaranteed Issue Plan

Guaranteed issue life insurance is a policy whereby there is no medical underwriting whatsoever. They ask no health questions, and they do not evaluate your health at all.

Your acceptance is guaranteed so as long as you are mentally capable of entering into a legal contract.

If you buy a guaranteed issue final expense policy, you can always expect the following:

  1. Premiums that are 40%-350% higher. Since they aren’t asking health questions, they are taking on substantially more risk which is why they must charge more.
  2. A minimum two year waiting period. During the waiting period, the insurance company will merely refund all premiums plus interest should the insured pass away. The only exception to this rule would be accidental death. If the insured dies from an accident, they will pay the full face amount of the policy even during the first two years. Every single guaranteed issue policy with any company will have at least a two-year waiting period.

A guaranteed acceptance final expense policy is not appropriate for most people, but they do have their place. They are generally only necessary when all other options have been exhausted.



Is Final Expense Insurance Worth It?

You may be surprised to hear this, but final benefits insurance is not for everyone. Make no mistake, final expense coverage is highly valuable, but it’s possible that you just may not need it.

As with most things, whether or not you should do it depends on your situation.

Final Expense Insurance

When it’s DEFINITELY worth it.

If you currently have no means to pay for your funeral expenses, then yes final expense life insurance is very much worth it. In fact, it wouldn’t be too bold to say that it’s an invaluable benefit.

Remember, a final expense policy will provide the full face amount of the policy at any time (if there is no two-year waiting period) to ensure your funeral costs are paid for. Life insurance is the only product you could buy that will provide the funds immediately.

At the end of the day, it’s pretty cut and dry. If you prefer your loved ones aren’t left to pay for your funeral costs and you can’t currently ensure that doesn’t happen, then end of life insurance coverage is a smart buy.


When final expense ISN’T necessary.

There’s a couple of situations where you may not need this coverage.

  • You currently have the money on hand set aside specifically for your end of life costs.
  • A pre-need policy with a funeral home is already in place and you know you will never be moving. It’s important to note that the pre-need policy must be setup to factor in inflation.
  • You don’t really care if your family is left to pay for your final expenses (there are people who feel this way 😞).

That pretty much sums it up. As you can tell, final expenses life insurance is a sure thing if you care about your family and can’t currently pay for your funeral bills.


Other Commonly Asked Questions About Final Expense Life Insurance

Below you will see some of the most frequent questions we are asked about final life insurance. If you have questions, hopefully, you can find your answer here 😃.

A Quick Heads Up: If you have a question that is not listed here, please let us know. Email your question to info @ and we will publish your question along with the answer on this page within three business days.

Final Expense Insurance

Q: Is there a waiting period?

A: It depends on your health. Most health issues are very insurable and eligible for immediate coverage or partial coverage. However, some health issues are so high risk (think dialysis, HIV, Alzheimer’s, transplants) that a waiting period is unavoidable. Check out this article to get more information about waiting periods.


Q: Do the payments increase as I get older?

A: No if you buy through Choice Mutual. Please note however, if you buy coverage from AARP or Globe Life your payments with them will almost certainly increase overtime.


Q: Will the policy expire at any age?

A: Not if you buy from us. Companies like AARP & Globe sell policies that do expire at age 80.


Q: Will the coverage decrease as I get older?

A: No.


Q: Are these term or whole life plans?

A: Final expense policies are always Whole Life Insurance.


Q: Is final expense life insurance different than burial insurance or funeral insurance?

A: No. All three terms mean the same thing. Think of the words “twelve” and “dozen”. Both mean the same thing. It’s just like that.


Q: Do I have to take a medical exam to qualify?

A: No.


Q: Can I buy more insurance for death expenses later on down the line?

A: Yes.


Q: Can I have a plan with more than one company?

A: Yes. You can basically have as many as you would like.


Q: How long does it take before I’ll know if my application is approved?

A: Sometimes we can receive an approval in less than 15 minutes. Every carrier is slightly different. Most applications render an immediate decision. In the end, you’ll never wait more than a few business days with any company to receive a decision.


Q: I have health issues; can I still qualify?

A: Yes. Because of the availability of guaranteed issue plans, there is no health issue where you cannot get coverage.

Most health issues are eligible for immediate coverage, but some conditions will require a two year waiting period.


Q: If I move outside of the country, will the policy still pay?

A: Yes.


Q: Who can I select as a beneficiary?

A: Pretty much anyone you want even a funeral home so long as they have insurable interest. Insurable interest simply means the beneficiary would incur some sort of financial loss in the event the insured dies. Any family member of the insured automatically has insurable interest.


Q: Can I have more than one beneficiary?

A: Yes. You can have as many as you would like.


Q: What is an accidental death rider and is it worth the money?

A: An accidental death rider will cause the policy to payout double the face value of the policy should the insured pass away from an accident (car, plane, train accident, falls off a roof, etc). These riders are a complete waste of money and should not be purchased. The rate of accidental death is incredibly low, especially for seniors.

Buying an accidental death rider with a senior burial insurance policy is like throwing your money away.


Q: Can children or grandchildren buy last expenses insurance coverage on their parents?

A: Yes. It’s quite common for kids to buy burial coverage on their parents or grandparents.


Q: What happens if the insured dies within the first two years?

A: If there is a waiting period, the insurance company will merely refund all premiums paid plus interest (usually 10%). Had you qualified for a plan that has immediate coverage, the insurance company will contest the claim. Every life insurance company has what’s called the contestability clause which entitles them to investigate claims that occur during the first two years of the contract.

It’s important to note that there’s no life insurance company on the planet that does not have this clause.

Basically, the insurance company will request copies of the insured’s medical records. Their goal is to validate that the insured did not misrepresent their health when they filled out the application.

As long as the insurer does not find evidence that would contradict the insured’s health statements on the application, they will pay the claim. However, should the life insurance company find evidence about the insured’s health that conflicts with their answers on the application, they will rescind the policy? When they rescind a policy, they don’t pay the claim and they refund all premiums.

For example, let’s say someone was diagnosed with cancer, and the next day they took out a final life expense policy without disclosing their diagnosis.

If they passed in the first two years, the insurance company would discover this misrepresentation and not pay the claim. Had they known the insured had cancer, they never would have issued the policy in the first place. These companies aren’t out to not pay claims, but they will make sure they weren’t defrauded. Finally, the contestability clause only last two years.

After two years, life insurance companies cannot investigate a death claim. They simply have to pay it.

Q: I’m on a fixed income and I can’t afford as much coverage as I’d like, what should I do?

A: As the saying goes, it’s better to have something than nothing. You should buy as much coverage as you can comfortably afford. Think of it this way. Your family getting a check for $6,000 will help them immensely. Sure it’s not $10,000, but it’s a heck of a lot better than zero. Just buy however much you can fit in your budget. Just make sure the payments are completely comfortable.


Q: Can I ever cancel my policy?

A: Yes. No life insurance company can lock you into a contract. You are free to cancel with any company at any time.


Q: What is cash value, and do these policies have that feature?

A: Cash value is like a behind the scenes savings account, and every whole life policy will have this feature. As the policy owner, you are entitled to borrow from this cash value should you ever need to. It’s important to note that if you do borrow from the cash value, it will count as a loan against the policy. The insurer will require that you pay back the loan, and they will impose interest on any outstanding loans. A good rule of thumb is you should only borrow from your CV when an emergency presents itself and you absolutely need it.


Q: Medicaid said I can’t have a policy that builds cash value, what do I do?

A: First, we are not attorneys, and this is not legal advice. You should consult your attorney for final clarification on this topic.

Having said that, in every case we have encountered this issue, transferring ownership of the policy has always solved the problem. Medicaid’s issue with whole life policies is the cash value because it counts an asset.

If the cash value exceeds their resource limits, that’s when it becomes an issue for them. If you assign ownership of the policy to someone else, the cash value is no longer a countable asset to you. Medicaid can no longer look at the CV as an asset you own.


Q: Why do I have to speak with an agent?

A: There’s a few reasons. Chief among them, we must speak with you to be compliant. Every final expense carrier requires that we ask you their health questions (if any) and provide you with required disclosures. On our end, we must sign agent statements confirming we did that.

We are never going to jeopardize our license by signing up someone via mail or email without having first spoken to the client.

Beyond that, we need to speak with you to learn about your health.

Knowing about your health is the only way we can figure out which companies will accept you. In the end, our job is nothing more than to help you find which company will offer you the best plan, and to process your application. That cannot be done without speaking with you.


Q: How do I know which final expense company I should apply with?

A: In all honesty, you can’t figure this out on your own.

That’s our job to figure that out.

The bottom line is this. You have no way of knowing the underwriting from 20+ companies. There are too many variables to consider which is why an agent must assist you. When you speak to one of our agents, they will be able to figure this out for you within a few minutes.


Q: What’s the best way to submit an application through choice mutual?

A: Use the quote form that is on every page of this website. Select your carrier and fill out the application request. Shortly after, one of our agents will be in touch to help you finalize everything. That’s all there is to it.


Q: What kind of burial benefits do veterans receive from the VA?

A: First, if you served in the military, thanks for your service! On topic, your benefits are tired to how long you served. Check out this VA resource to learn more about burial benefits for veterans. You may have FEGLI life insurance which could help to pay for your final expenses.


Choice Mutual is an independent agency licensed in all 50 states including DC. We work with over 20 highly rated final expense life insurance companies, so that we can compare offers from all of them to find you the best deal.

This entry was posted in Burial Insurance. Bookmark the permalink.


susan kurosu

I’m interested in a PAYMENT PLAN policy for whole insurance for end of life expenses.

July 12, 2018 at 8:58 am
    Choice Mutual

    Hi Susan,

    We can definitely help you with that. You can call us at 1-800-644-2926 and one of our agents will help you find the best company for you.

    We also sent you an email about this too.

    Talk with you soon!

    July 12, 2018 at 2:17 pm
Terrye Gatson

I am interested in a final expense plan for me & my husband. We have some insurance but it is not enough. We both have some health problems. His age is 67 & mind is 69. We are looking for at least a 15 year plan. Looking forward to hearing from you.

April 17, 2019 at 1:06 am
    Choice Mutual

    Hi Terrye,

    We can certainly help you and your husband find some final expense insurance. Whatever health issues you’re dealing with, we’ll find a company that takes all of them.

    FYI, final expense plans are permanent so the policy would last forever (not just 15 years).

    Call us at 1-800-644-2926 and one of our agents will help you guys out.

    April 17, 2019 at 6:13 am

Looking for final expense burial pricing. I have cancer so I will probably have to wait 2 years. Looking for 25-30 thousand policy amt.

May 9, 2019 at 6:46 am
    Choice Mutual

    Hi Karl,

    Sorry to hear about your cancer diagnosis. You’re right about the waiting period since you currently have cancer. We can still get you a policy though.

    Call us at 1-800-644-2926 and we’ll help you find the best policy possible.

    May 9, 2019 at 7:55 am
Leave A Reply